CBK increases mobile money wallet, transaction limits
The Central Bank of Kenya (CBK) has announced an increase in the mobile money wallet and transaction limits.
In a statement, CBK announced the increase in daily mobile money wallet size from Ksh300,000 to Ksh500,000, and the transaction limit from Ksh150,000 to Ksh250,000.
According to CBK, the new transaction limits and wallet size will support customers, businesses and institutions including Government agencies to make and receive digital payments in larger amounts, thereby increasing the convenience of mobile money services in Kenya.
"The new transaction limit will apply for all transactions that make use of mobile money rails and infrastructure, including transactions between PSPs (Payment Service Providers), banks and other institutions that partner with mobile money providers. The respective current tariff for transactions of up to Ksh150,000 will apply for transactions of up to Ksh250,000," CBK stated.
PSPs have been directed to implement enhanced and appropriate risk mitigation measures to identify, mitigate and report risks such as money laundering, financing of terrorism and proliferation finance; fraud including the risk of digital or online scams; operational risks; cybersecurity; including speedy resolution of customer complaints.
"The increase in the amount transacted through mobile money, and a higher mobile money wallet, will further deepen financial inclusion and facilitate businesses that have been constrained by the size of the mobile money wallet. The new measures are also expected to support efforts by the Government to digitize payments for services offered to Kenyans," CBK added.
CBK data indicates that between March 2020 and June 2023, the number of pay bills and till numbers have increased by 43 per cent and 267 per cent respectively.
Also, the volume and value of pay bill payments have increased by 301 per cent and 352 per cent, respectively while the volume and value of till number payments have increased by 433 per cent and 166
per cent, respectively.